Arizona short sales: A Win-Win-Win Situation
While short sales often get a bad rap because of their high interest rates and the idea that they are often a last resort for homeowner hoping to avoid foreclosure, their positive characteristics are sometimes overlooked. An Arizona short sale
is an option that can actually prove to be a winning situation for all three parties involved: the buyer, the lender, and the seller. Here’s how.
How do all parties benefit from an Arizona short sale?
First, and most importantly in your situation–the seller wins! They avoid foreclosure which ultimately destroys their credit and is the worst possible situation to be in for a homeowner. They can remain living in the home while the Arizona short sale goes through, giving them to pay off any other outstanding debts. Then, after they sell their home, they are free from the mortgage payment and the debt, so they don’t owe their home lender a dime. And, sellers agree that short sales are not nearly as detrimental to credit as a foreclosure.
Secondly, the buyer wins! They get an awesome house quickly and at a super low market value. They will actually get to know the seller and they can feel confident knowing that short sale property is usually in better condition because it is being maintained by the current owner/seller.
Lastly, the bank wins! When you went into the Mortgage, they expected you to repay. When you can’t repay, they get irritated. When you foreclose your home, they are even more irritated because they have to deal with that whole process and incur those expenses. But, an Arizona short sale is a different situation. Remember that banks are NOT in the real estate industry–they are in the money industry. Through an Arizona short sale, they avoid the expense of foreclosure, attorney fees, etc. They also don’t have another home on their hands that they have to list, find an agent for, and sell.
ULTIMATELY, SHORT SALES CAN BENEFIT ALL. OF COURSE, THE IDEAL SITUATION IS THAT YOU FIND A WAY TO FINANCE YOUR MORTGAGE AND PAY THE DEBT, BUT WHEN THAT CAN’T HAPPEN, ARIZONA SHORT SALES ARE THE NEXT BEST THING.
- Phoenix Short Sale